Over time, the value of a house will fluctuate up and down.
Normally, home values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your property appreciates you have more resources to borrow against, and you get a higher profit when you sell.
Property values in Burlington waver for a variety of reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close?
It's critical that you pick a real estate agent in Burlington who is familiar with the factors that drive local prices.
Many assume that the economy is the biggest factor impacting real estate appreciation.
there are a handful of issues on a national level that affect your house's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most significant factors that determine your property's value are particular to the local Burlington economy and residential market.
Access to services - Many of us decide to live in areas with the best and most convenient amenities for homes to grow, like a close proximity to schools, jobs, and work.
So those areas often appreciate, or carry their value, best.
Real estate sales trends - What's the time on market? Are sellers needing to discount much or offer concessions Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of jobs in an area, or does it rely upon just one industry?
All these play a role.